How much should I put into my pension?

This is a Personal Finance Friday question from one of our Financial Planning clients a few years into the workforce.
 
Pensions don’t have to be complicated so let us cover the basics.
 
Main points to know:

• If your company offers a match, take it. This is free money! You essentially give yourself a raise by doing this.
• If you can afford to put in up to the employer highest point on the match, do it.
• If you can afford to put money into your pension do.
• It is a tax efficient way to invest, and grow your wealth.
• It is a great tool for putting money aside for retirement when you probably no longer want to, or can no longer work.
  
• Time is on your side. The earlier you start your pension, the better chance you have of having a nicer time later in life. This is due to compounding growth.
  
• The later you start, you will have to put more in later.
• Start soon. If you are confused, talk to your company HR, or your friendly financial planner. (link to contact)
• You put money into your pension Pre-Tax. It grows Pre-Tax. You only pay tax when you tax it out years from now.
• If in doubt, start with a small contribution. You can always increase with time.

 
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